Narendra Modi US visit: US CEOs to invest in India, says GST a game changer

Narendra Modi US visit: US CEOs to invest in India, says GST a game changer

Prime Minister Narendra Modi today said India has now emerged as a business-friendly destination, more so with the upcoming implementation of landmark GST beginning next month, while asking CEOs of top US companies to invest in the country.

Modi, during his meeting with the CEOs of top 20 American firms, also said that India attracted largest foreign direct investment (FDI) as a result of the NDA government’s policies in the last three years. (ANI)

Prime Minister Narendra Modi today said India has now emerged as a business-friendly destination, more so with the upcoming implementation of landmark GST beginning next month, while asking CEOs of top US companies to invest in the country. Modi, during his meeting with the CEOs of top 20 American firms, also said that India attracted largest foreign direct investment (FDI) as a result of the NDA government’s policies in the last three years. “Interacted with top CEOs. We held extensive discussions on opportunities in India,” Modi tweeted after the meeting that lasted for about 90 minutes.

In the round table interaction with the group that included Tim Cook of Apple, Sunder Pichai from Google, John Chambers from Cisco and Jeff Bezos of Amazon, Modi listed out steps taken by his government in the last three years and next moves. “The whole world is looking at India. 7,000 reforms alone by GOI for ease of (doing) business and minimum government, maximum governance,” Gopal Bagley, spokesman of the Ministry of External Affairs quoting the prime minister as saying.

India’s growth presents a win-win partnership for the country and the US, and American companies have a great opportunity to contribute to that, Modi told the CEOs, according to Bagley. “The implementation of the landmark initiative of GST (Goods and Services Tax) could be a subject of studies in US business schools,” Modi said. During the interaction at the Willard Hotel, where he is staying, Modi gave a patient hearing to the wish-list of the CEOs.

The CEOs lauded the Prime Minister’s initiatives of demonetisation and digitisation of economy and the GST, the spokesman said. The CEOs also expressed support for ‘Make in India’, ‘Digital India’, ‘Start Up India’ and other flagship initiatives of the government. “CEOs applaud reform measures and steps taken by the government to improve ease of doing business,” Baglay tweeted.

“CEOs outline priorities in India and suggestions for mutually beneficial partnerships in line with inclusive growth,” he said, adding that they reaffirmed their commitment to growing with India and attested to its attractiveness as an FDI destination. Pichai told reporters after the meeting that they were excited about investing in India. Praising the steps being taken by the Indian government in the last three years, he said the US companies are looking forward to the roll out of the GST. “Good,” said Cook as he emerged out of the meeting.

The US-India Business Council (USIBC) president Mukesh Aghi said the CEOs praised the reforms being undertaken by the Prime Minister and underscore his efforts to make India a business-friendly destination. Responding to a question, Aghi said H-1B issue was not discussed at the meeting. Among other CEOs present at the meeting were Shantanu Narayen from Adobe, Ajay Banga from Mastercard, David Farr from Emerson, Doug McMillon and Punit Renjen from Deloitte Global. Mukesh Aghi, president of the US India Business Council, was also present at the meeting.

Posting a group picture of the prime minister with the CEOs, Bagley said, “strengthening the Indo-US economic partnership”. In a recent policy document, USIBC said the US-India commercial and strategic relationship supports global security, promotes economic growth and creates jobs for both countries and the global economy. “Today, as we witness a paradigm shift in the erstwhile global order, an opportunity has emerged for both countries to set new standards in bilateral ties that will be bound by their shared values,” USIBC said. Noting that US-India trade has tripled over the last decade, reaching a historic high of nearly USD 110 billion in 2015, USIBC said there is an opportunity for both the countries to also sync their regulatory and standards system to increase trade and investment.

In a separate statement, Jagdip Ahluwalia, executive director of Indo American Chamber of Commerce of Greater Houston, said the United States and India share a very symbiotic relationship, and Modi’s first face to face visit with Donald Trump is important to strengthen the relationship between the two. “On behalf of Houston, the energy capital of the world and home of the world’s largest Medical Center the IACCGH and the strong Indian American community hope to welcome Prime Minister Modi to Houston in the not too distant future,” Ahluwalia said.